PNE sale uncertain as bids fall short of market value
German renewables firm PNE says a sale is uncertain after bids trailed its market value, despite a pipeline of 21.7 GW.
German renewable project developer PNE has cast doubt on the likelihood of a sale, saying interest received so far in its sale process indicates potential buyers are unwilling to match its market valuation.
The company, which has a market capitalisation of €757.61 million, said in a statement that it is currently uncertain whether a transaction will materialise and what its terms would be.
A sale of the company could fetch more than €1 billion, according to earlier reports in June.
PNE is 50.06% owned by a fund managed by Morgan Stanley Infrastructure Partners, according to LSEG data. The fund is seeking to cash in on its stake after a previous sale effort ended without success.
Last year, it was reported that Morgan Stanley was working with Goldman Sachs to explore a sale, and that other shareholders were also prepared to sell.
The company has a 21.7-gigawatt pipeline of wind and solar projects, with more than half located in its core markets of Germany, France, and Poland.
Several companies have previously shown interest in PNE, including Switzerland's Partners Group and Canada's CPPIB.